![]() ![]() The company is now forecasting capital expenditures for 2023 of $27 billion to $30 billion, down from a prior estimate of $30 billion to $33 billion. Zuckerberg has been pushing for Meta to become more efficient, instituting a cost-savings plan that resulted in about 21,000 job cuts. Meta said its total costs and expenses were $22.61 billion in the second quarter, which is an increase of 10% from the same period a year ago. Net income rose to $7.79 billion, or $2.98 a share, from $6.69, or $2.46 a share, during the year-earlier period. "We continue to see strong engagement across our apps and we have the most exciting roadmap I've seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall." "We had a good quarter," Meta CEO Mark Zuckerberg said in a statement. Meta shares lost about two-thirds of their value last year. ![]() Prior to Wednesday's close, the stock was up 159% this year, compared to the 19% advance in the S&P 500. Investors have been riding the Meta wave in 2023, expecting a rebound in the ad market and better profitability following the company's mass layoffs. That suggests growth of at least 15% from a year earlier. Analysts polled before the report were expecting guidance of $31.3 billion, according to Refinitiv. The Facebook parent company forecast third-quarter revenue of $32 billion to $34.5 billion. Prior to the first quarter, revenue had declined in three straight periods as the company reckoned with a sputtering economy and Apple's iOS privacy change, which limited ad targeting capabilities. Revenue increased 11% from a year earlier, the first time the company has reported double-digit growth since the end of 2021. Average Revenue per User (ARPU): $10.63 vs $10.22 expected, according to StreetAccount.Monthly Active Users (MAUs): 3.03 billion vs 3 billion expected, according to StreetAccount.Daily Active Users (DAUs): 2.06 billion vs 2.04 billion expected, according to StreetAccount.Wall Street is also focused on these numbers in the report: Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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